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December 10, 2019Blog Posts

On the heels of its next fundraise, cross-border payments upstart Payoneer acquires optile

TechCrunch

As the world of digital payments continues to wait and see what kind of impact cryptocurrencies will have on the wider market (if any), consolidation continues apace among those that have built tools for today’s payment needs. Payoneer — a provider of cross-border payment services to millions of businesses in some 200 markets that’s valued at over $1 billion — announced that it has acquired optile, a German startup whose platform lets businesses integrate different products offered by itself and third parties into a single payment experience.

Payoneer competes with PayPal, Adyen, Stripe, PayU, traditional banks and many others in providing an array of services to enable payments between businesses.

Payoneer may not be a company that you hear a lot of buzz about, but its customers speak to the traction that it has quietly amassed across a wide swathe of markets: they include the likes of Facebook, Amazon, Airbnb, Fiverr, Rakuten, and Google. Payoneer is used to make it easier to pay money out to businesses, for businesses to pay in money for goods and services, and (in the case of marketplaces) provide cash advances to businesses in order to make purchases. Optile will bring another layer of service and talent to that existing stack: specifically, in the form of payments integration.

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